Perseus Mining Limited Q4 2026 Earnings Recap

The market responded positively with a 7.9% gain, reflecting investor approval of Perseus Mining’s solid cash flow generation, strong margin expansion, and aggressive capital returns despite cost pressures at key operations.

Key Takeaways

• Operating cash flow rose 24% to USD 666 million, driven by higher realized gold prices averaging USD 3,693/oz, up USD 1,150/oz year-over-year.
• Average cash margin widened to USD 1,943/oz, a USD 635/oz improvement, supporting EBITDA growth of 16% to USD 860 million.
• Production dipped at Yaouré and Edikan due to ore source transitions to higher waste, lower-grade open pits, increasing unit costs at these sites.
• Mineral resources and ore reserves increased materially by 37% and 40%, respectively, underpinning medium-term growth outlook.
• Capital returns were notably stepped up with an 87% increase in dividends to AUD 0.14 per share and an expanded AUD 350 million buyback program, plus consideration of a special dividend from recent asset sales.